Cyber risk
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INSURANCE IS COMPLEX. At DAS INSURE, we strive to ease your worries and help you navigate options in three main areas—Cash Flow Protection, Working Capital, and Cyber Risk management (Insurance). CASH FLOW PROTECTION – uninsured debtors often represent an average 40% of a company’s current assets. We specialize in commercial debt protection. If you are selling your goods and services to companies on unsecured terms of credit, you are at risk of non-payment at the end of the credit term, often through no fault of your client. Commercial Trade Credit Insurance is the first true line of defence and protects your profit.MAXIMISING YOUR WORKING CAPITAL - if you have to provide contract or commercial bonds as an Australian subcontractor we can look into alternatives to classical bank guarantees, which are not tying up your assets.CYBER RISK MANAGEMENT – in a digital economy no organisation is safe from a cyber-attack. Australian companies both small and large are especially a target. Apart from financial damage of lost data and compromised network security, there is a huge risk of damage in reputation and loss of customers if a privacy breach occurs. Cyber risk is an evolving and complex risk of which cyber liability insurance can be an essential tool amongst other precautions. SMEs, in particular, can benefit from this policy as it not only protects the cash flow but also provides access to a team of experts (Legal, PR, IT) that immediately responds and guides through the necessary steps when a breach occurs. 

Three Steps To Cyber Insurance And Risk Management

No matter if you are trying to assess the risk yourself or having an expert do it for you before you get the right cyber risk insurance, there will and should always be three steps involved:

Understanding The Risk

One needs to understand the areas in which the risk already exists or can arise in the near future. Expert analysis and insight are needed to assess all quarters from which and ways in which cyber attacks may occur. That will keep you on a safe footing. 

Measuring The Risk

Once these quarters have been assessed, the risk itself needs to be assessed, that is to say, that the extent of the risk and the damage it can cause is to be measured. That will help you quantify the risk in terms of the financial impact of the risk. 

Managing The Risk

Taking precautionary measures in terms of technology is something that businesses do their best in, but risk management with cyber insurance is the extra coverage that you must have for your business.